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Tips on Financial Software Development for Your Business

Tips on Financial Software Development for Your Business

Over the recent period, the development of fintech applications and the specificity of this process have been increasingly discussed by financial institutions, and this is not at all mind-boggling.

To stay competitive in the new realities, many financial companies have begun to think about moving to mobile and web platforms, and if you want to join them, you should know some nuances.

Safety Concerns

Forbes considered safety as the 1st in the list of challenges of developing in the financial industry. Taking into account the specifics of the application, your users will be obliged to trust you and provide all secret and personal information.

However, if suddenly somehow this information leaks out and falls into the hands of crooks, of course, your application will end.

Since your application will interact with the main systems of the bank, it is imperative that you ensure security.

And therefore, you should take into account developing a server system with firewalls and proxies.

After finishing the work, the application should be checked for security, up to the load testing for cyber hacks for vulnerabilities in the system.

This is the only way to understand if your development product is well protected or if it needs any improvements. 

Use of Intelligent Technologies

Various technologies, which include artificial intelligence and blockchain, are considered a time requirement, and you simply have to include them in an application in some form.

Blockchain can aid record-keeping, and artificial intelligence should be applied for tasks such as personalized advice, data exploration, customer collaboration and so on.

Use Customization

One of the important trends in mobile financial services is customization. A lot of reliable and well-trusted companies like Akveo use it in their works.

It is based on analyzed data about user behaviour, and not just about its basic characteristics.

It is possible to build work with customization only iteratively (cyclically): the more information about the client’s actions, the more accurate the proposals for him will be.

Everyone has different scenarios for using the app: some may regularly transfer funds to children, someone pays for housing services every month or repay a loan.

Artificial intelligence recognizes and analyzes the actions and interests of the user and offers him relevant services.

User Interaction

Due to the highest competition in the market, all companies do their best to make customers realize that they are special: they are assigned a premium status, individual managers are connected, who are in touch 24×7, and inflated prizes and cashback are provided.

This personalized escort further increases loyalty and builds an image of a caring company. 

Cross-Platform or Native Apps?

What is better to develop: cross-platform applications or native ones? We focus on the native.

Native applications turn out to be more multifunctional and flexible, as they are created specifically for each site, taking into account its exceptions.

There are much fewer restrictions for developing native services, this is their main advantage.

Custom widgets in cross-platform apps can freeze when used and usually take longer to rework. The speed of animation, special effects in them can be played by the native ones.

Hence, there are many limitations for cross-platform service framework developers.

There have been cases when security updates for cross-platform applications were released much later than in native libraries. This is a big business risk for fintech, where safety is the top priority.

Cloud Solutions

The use of cloud solutions helps companies to be the first to launch innovative projects and win in digital competition.

Many Western banks use the resources of several cloud platforms. This is necessary to ensure the reliability of the infrastructure: in case of problems with computing power at one provider, the load can be redistributed to the others.

In addition, the platforms have different unique competencies that can cover different business needs.

You can also optimize your IT costs by comparing the cost of services and choosing the most profitable options.

The Bottom Line

In the financial services industry, a growing number of startups and digital banks are rapidly navigating market needs and rapidly launching and scaling their products.

Due to convenient services, they win over clients from the market leaders. It is important for the largest banks to keep up.

They need to accelerate time to market for new solutions and develop digital services.

This requires a flexible infrastructure that is ready to withstand heavy loads, as well as tools that simplify the development and development of IT products.